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Eagle Property Capital Investments, LLC (EPC), a vertically integrated real estate investment manager focused on the value-add multifamily space, announced the disposition of Woodchase & Clarendon, a 266-unit apartment community located in Irving, NW of Dallas-Fort Worth, Texas. EPC Multifamily Partners III, LLC (Fund III), a private investment vehicle raised and managed by EPC, acquired the asset in partnership with Belay Investment Group (Belay) in June 2016. It sold for an undisclosed price to Lion Real Estate Group.
Woodchase & Clarendon, located at 4050 & 3800 N. Beltline Road in Irving, was built between 1977 and 1983. EPC’s renovation strategy included upgrading the apartment interiors, existent common areas and amenities, adding new amenities and services as well as employing water and energy conservation programs.
EPC owns 15 multifamily properties in the Dallas-Fort Worth market and remains an active investment and owner-operator in the region.
The Austin City Council approved Aspen Heights Partners’ proposal to redevelop the city-owned HealthSouth tract, a key step forward for a project that will bring 232 units of affordable housing and various other community benefits to Downtown Austin. The Austin-based developer, which will partner with Capital A Housing and The NHP Foundation on the development, has been selected to build the multi-tower, mixed-income complex after a master development agreement was approved in a Council meeting on Thursday, September 29.
Aspen Heights Partners, which has been working with Austin city officials and community stakeholders on plans for the redevelopment since 2020, enlisted Capital A Housing and The NHP Foundation for the project.
The mixed-use residential development will take up almost the entire block bounded by 12th Street, Red River, 13th Street, and Sabine Street, including all of the old HealthSouth hospital site. It will have two towers built atop a six-story podium with a 30,000-square-foot public plaza with green space, water features, an 18,000-square-foot local restaurant food-hall/business-incubator, and views of the Capitol, Waterloo Greenway, and downtown. There will also be an on-site music venue with below-market rate rents.
The residential towers will total 921 units, of which more than 25% will be affordable housing for low-income Austin families. The project also hosts an on-site childcare center provided at affordable tuition. The 232 affordable units will comprise approximately 18 of the south tower’s 27 floors, and will be developed, owned, and operated by NHP and Capital A.
The search for a developer began in November 2019, when the Council issued a Request for Proposal. In April 2020, Aspen’s proposal scored the highest among three other proposals. Bringing on Capital A Housing and the NHP Foundation to the project, and with plans for economic opportunity, sustainability, and affordable housing, the City Council approved negotiations to move forward.
While the City Council approved negotiations to proceed, they asked city staff to return when the final agreement is finished for final approval of the 99-year lease and development agreement. However, staffers expect to execute the development agreement by Spring 2023 so as not to postpone the project’s proposed delivery in Summer 2027.
Global real estate advisory firm Savills represented law firm Bush Rudnicki Shelton, P.C. in its first Houston location. The law firm will open a 3,250-square-foot office in the Two Post Oak Central building located at 1980 Post Oak Boulevard in Downtown Houston. The law firm will begin occupying the office Fall 2022.
Bush Rudnicki Shelton is a residential construction and real estate law firm with locations in the Dallas/Fort Worth and Austin areas. The firm is expanding and its reach and tapped Corporate Managing Director Lesa Nickelson French to find a suitable office for its first Houston location.
The Post Oak Central complex is comprised of three office towers totaling 1.3 million square feet in Houston’s Galleria area. The LEED Gold certified building boasts spectacular views of the downtown area and amenities including a fitness center, conferencing facility, on-site childcare center, and multiple restaurants.
Amanda Nebel of Parkway represented the building in lease negotiations.
GREA, specializing in serving institutional and private real estate investors of multifamily assets, is pleased to announce the sale of The Power Properties Portfolio, a 20-property multifamily portfolio located in Old East Dallas that includes the esteemed historic neighborhoods of Swiss Ave, Lakewood, and Peak Suburban.
The 544 units were constructed between 1914 and 1962. The resort-style communities were impeccably renovated in the mid-1990s through the early 2000s. They were assembled by two brothers who are recognized as the original urban pioneers of East Dallas. Together, they worked to maintain the historical integrity of the buildings while infusing modern amenities and providing residents with a unique resort-style living experience. A broad range of architectural themes can be seen throughout, from Old-World Spanish influences, 1920s era Art Deco, New York brick buildings, Mid-Century Modern, French Quarter, Festive Contemporary, and Modern European touches.
GREA ultimately achieved a 105.4% list-to-close ratio on this Receivership sale through a complex marketing structure that included a stalking horse agreement to set a floor on offers before the properties were opened to the broader investor market. The stalking horse agreement was a bold move: If GREA did not achieve a minimum price through marketing, they committed to purchase the portfolio themselves for that price.
The seller was a court appointed receiver, but the properties were not economically distressed. It was a partnership divorce.
The Buyer is 180 Multifamily, a DFW-based investor specializing in value-add assets throughout Texas.
CBRE announced the sale of Waterloo Innovation Center, a two-building, 198,972-square-foot office campus located at 1000 Red River in downtown Austin. The building was sold by Teacher Retirement System of Texas (TRS) which operates its Austin headquarters out of the property.
CBRE’s Russell Ingrum, Peter Jansen, Troy Holme, Jennifer Joseph, Patrick Benoist and Jared Chua represented the seller. The buyer and terms of the deal were not disclosed.
TRS, the largest public retirement system in Texas, will remain at 1000 Red River for an additional two years while its new Austin headquarters campus in Northeast Austin is built. The organization has been based at the campus for nearly 50 years. TRS is a nearly $185 billion financial institution that serves 1.9 million Texans.
Austin ranked No. 14 in the U.S. for total commercial real estate investment volume with nearly $16.9 billion invested between Q2 2021 and Q2 2022, according to CBRE Research. Year-over-year, commercial investment rose by 68.1% in Texas’s capital from just over $10 billion between Q2 2020 and Q2 2021.
AUSTIN, TEXAS – Oct. 11, 2022 – Stream Realty Partners is set to break ground on a six-story office building in the highly sought-after, last major developable block in Core East Austin.
1400 East at 1400 E. Fourth St. will sit in the heart of one of Austin’s most walkable neighborhoods and is connected by the Lance Armstrong Bikeway and Austin’s Metrorail. Stream, a national real estate services, development, and investment firm, will partner with Barings, a leading investment firm based in Charlotte, North Carolina, on the venture. Construction is expected to kick off in early 2023, with final delivery in late 2024.
The building, designed by HKS, will have a striking curved façade and be built around a tenant-first office environment. Hospitality-influenced amenity management, a fitness center, bike valet, and smart building technology will amplify the employee work experience at 1400 East.
The project will deliver ample outdoor space, which will include private patios on each floor, a ground-floor paseo that connects directly to the Lance Armstrong bikeway, and the only rooftop patio in the area. A ground-floor café and marketplace restaurant are also planned.
“As we approached 1400 East and East Austin, we studied highly complex sustainable design in similar neighborhoods like SoHo, Fulton Market, and RiNo,” said Connor Greissing, Managing Director and Partner at Stream Austin.
“We found that within these successful projects, the design and office offerings were inextricably linked to delivering space that empowers employers to give their employees the best workplace experience imaginable. We, as owners, needed to identify those spaces for tenants to collaborate, connect, and concentrate during their day at 1400 East.
“When thinking through the amenities and floor plates, we took a unique approach to design, relying on direct, candid feedback from tenants in the CBD and East Austin. We plan to deliver exactly what today’s users want to create–an agile and versatile work environment. 1400 East will set a new standard for office space in East Austin.”
About Stream Realty Partners Stream Realty Partners is a full-service commercial real estate firm with integrated offerings in leasing, property management, tenant representation, development, construction management, investment sales, and investment management services. Headquartered in Dallas, Stream is dedicated to sourcing acquisition and development opportunities for the firm and its clients. Since 1996, the company has grown to a staff of more than 1,200 professionals with offices in Atlanta, Austin, the Carolinas, Chicago, Dallas, Denver, Fort Worth, Houston, Greater Los Angeles, Nashville, Northern Virginia, Phoenix, San Antonio, and Washington, D.C. Stream completes more than $5.8 billion in real estate transactions annually and is an active investor and developer across the nation. Visit www.streamrealty.com.
About Barings Barings is a $349+ billion global investment manager sourcing differentiated opportunities and building long-term portfolios across public and private fixed income, real estate, and specialist equity markets. With investment professionals based in North America, Europe, and Asia Pacific, the firm, a subsidiary of MassMutual, aims to serve its clients, communities, and employees and is committed to sustainable practices and responsible investment. For information, visit www.barings.com.
About HKS HKS is a global firm of architects, designers, advisors, and makers driven by curiosity and devoted to creating places that combine beauty with performance. The firm’s 1,500 people in 26 offices are united by a shared culture and sense of purpose. For information, visit www.hksinc.com. # CONTACT: Brian J. Medricka Stream Realty Partners Director, National Communications, Public & Media Relations 214.560.3033
